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Finance Act 1988

1988 CHAPTER 39

ARRANGEMENT OF CLAUSES

Go to Preamble

  1. Part I

    Customs and Excise

    1. Duties of excise: rates

      1. 1. Beer, wine, made-wine and cider.

      2. 2. Tobacco products.

      3. 3. Hydrocarbon oil.

      4. 4. Vehicles excise duty.

    2. Duties of excise: other provisions

      1. 5. Relief from excise duty on goods imported for testing etc.

      2. 6. Remission of duty in respect of spirits used for medical or scientific purposes.

      3. 7. Meaning of “sparkling” in relation to wine and made-wine.

    3. Management

      1. 8. Disclosure of information as to imports.

      2. 9. Approval and regulation of warehouses.

      3. 10. Power to search persons.

      4. 11. Time limits for arrest and proceedings.

      5. 12. Punishment of offences.

  2. Part II

    Value Added Tax

    1. Exemptions

      1. 13. Medical services and goods.

    2. Administration

      1. 14. Registration.

      2. 15. Assessment of tax due.

    3. Civil penalties

      1. 16. Serious misdeclaration or neglect resulting in understatements or overclaims.

      2. 17. Persistent misdeclaration resulting in understatements or overclaims.

      3. 18. Failures to notify and unauthorised issue of invoices.

      4. 19. Breaches of regulatory provisions.

    4. Miscellaneous

      1. 20. Repayment supplement.

      2. 21. Set-off of credits.

      3. 22. Invoices provided by recipients of goods or services.

  3. Part III

    Income Tax, Corporation Tax and Capital Gains Tax

    1. Chapter I

      General

      1. Tax rates and personal reliefs

        1. 23. Charge and basic rate of income tax for 1988-89.

        2. 24. Higher and additional rates of income tax.

        3. 25. Personal reliefs.

        4. 26. Charge and rate of corporation tax for financial year 1988.

        5. 27. Corporation tax: small companies.

        6. 28. Deduction rate for sub-contractors in construction industry.

        7. 29. Life assurance premium relief.

        8. 30. Additional relief in respect of children.

        9. 31. Non-residents' personal reliefs.

      2. Married couples

        1. 32. Abolition of aggregation of income.

        2. 33. Personal allowance and married couple’s allowance.

        3. 34. Jointly held property.

        4. 35. Minor and consequential provisions.

      3. Annual payments

        1. 36. Annual payments.

        2. 37. Maintenance payments under existing obligations: 1988-89.

        3. 38. Maintenance payments under existing obligations: 1989-90 onwards.

        4. 39. Maintenance payments under existing obligations: election for new rules.

        5. 40. Provisions supplementary to sections 37 to 39.

      4. Relief for interest

        1. 41. Qualifying maximum for loans.

        2. 42. Home loans: restriction of relief.

        3. 43. Home improvement loans.

        4. 44. Loans for residence of dependent relative etc.

      5. Benefits in kind

        1. 45. Car benefits.

        2. 46. Car parking facilities.

        3. 47. Entertainment: non-cash vouchers.

        4. 48. Entertainment: credit tokens.

        5. 49. Entertainment of directors and higher-paid employees.

      6. Business expansion scheme

        1. 50. Private rented housing.

        2. 51. Restriction of relief.

        3. 52. Valuation of interests in land.

        4. 53. Approved investment funds.

      7. Pensions etc.

        1. 54. Personal pension schemes: commencement.

        2. 55. Personal pension schemes: other amendments.

        3. 56. Occupational pension schemes.

        4. 57. Lump sum benefits paid otherwise than on retirement.

      8. Underwriters

        1. 58. Assessment and collection.

        2. 59. Reinsurance: general.

        3. 60. Reinsurance to close.

        4. 61. Minor and consequential amendments.

      9. Oil licences

        1. 62. Disposals of oil licences relating to undeveloped areas.

        2. 63. Allowance of certain drilling expenditure etc. in determining chargeable gains.

        3. 64. Interpretation of sections 62 and 63.

      10. Miscellaneous

        1. 65. Commercial woodlands.

        2. 66. Company residence.

        3. 67. Seafarers: foreign earnings.

        4. 68. Priority share allocations for employees etc.

        5. 69. Share options: loans.

        6. 70. Charities: payroll deduction scheme.

        7. 71. Unit trusts: relief on certain payments.

        8. 72. Entertainment of overseas customers.

        9. 73. Consideration for certain restrictive undertakings.

        10. 74. Payments on termination of office or employment etc.

        11. 75. Premiums for leases etc.

        12. 76. Foreign dividends etc., quoted Eurobonds and recognised clearing systems.

    2. Chapter II

      Unapproved Employee Share Schemes

      1. Preliminary

        1. 77. Scope of Chapter.

      2. Charges to tax

        1. 78. Charge where restrictions removed etc.

        2. 79. Charge for shares in dependent subsidiaries.

        3. 80. Charge on special benefits.

      3. Miscellaneous

        1. 81. Changes in interest.

        2. 82. Company reorganisations etc.

        3. 83. Connected persons etc.

        4. 84. Capital gains tax.

        5. 85. Information.

      4. Supplementary

        1. 86. Meaning of “dependent subsidiary”.

        2. 87. Other interpretation provisions.

        3. 88. Transitional provisions.

        4. 89. Consequential amendments.

    3. Chapter III

      Capital Allowances

      1. 90. Buildings or structures sold by exempt bodies.

      2. 91. Sales without change of control.

      3. 92. Successions to trades between connected persons.

      4. 93. Safety at sports grounds.

      5. 94. Quarantine premises.

      6. 95. Dwelling-houses let on assured tenancies.

    4. Chapter IV

      Capital Gains

      1. Re-basing to 1982

        1. 96. Assets held on 31st March 1982.

        2. 97. Deferred charges on gains before 31st March 1982.

      2. Unification of rates of tax on income and capital gains

        1. 98. Rates of capital gains tax.

        2. 99. Husband and wife.

        3. 100. Accumulation and discretionary settlements.

        4. 101. Underwriters.

        5. 102. Other special cases.

        6. 103. Commencement of sections 98 to 102.

      3. Married couples

        1. 104. Married couples.

      4. Company migration

        1. 105. Deemed disposal of assets on company ceasing to be resident in U.K.

        2. 106. Deemed disposal of assets on company ceasing to be liable to U.K. tax.

        3. 107. Postponement of charge on deemed disposal.

      5. Miscellaneous

        1. 108. Annual exempt amount for 1988-89.

        2. 109. Gains arising from certain settled property.

        3. 110. Retirement relief.

        4. 111. Dependent relative’s residence.

        5. 112. Roll-over relief.

        6. 113. Indexation: building societies etc.

        7. 114. Indexation: groups and associated companies.

        8. 115. Transfers within a group.

        9. 116. Personal equity plans.

        10. 117. Definition of “investment trust”.

        11. 118. Amendments of Finance Act 1985 s. 68.

    5. Chapter V

      Management

      1. Assessment

        1. 119. Current year assessments.

      2. Returns of income and gains

        1. 120. Notice of liability to income tax.

        2. 121. Notice of liability to corporation tax.

        3. 122. Notice of liability to capital gains tax.

      3. Other returns and information

        1. 123. Three year time limit.

        2. 124. Returns of fees, commissions etc.

        3. 125. Other payments and licences etc.

      4. Production of accounts, books etc.

        1. 126. Production of documents relating to a person’s tax liability.

        2. 127. Production of computer records etc.

      5. Interest and penalties

        1. 128. Interest on overdue or overpaid PAYE.

        2. 129. Two or more tax-geared penalties in respect of same tax.

      6. Company migration

        1. 130. Provisions for securing payment by company of outstanding tax.

        2. 131. Penalties for failure to comply with section 130.

        3. 132. Liability of other persons for unpaid tax.

      7. Appeals etc.

        1. 133. Jurisdiction of General Commissioners.

        2. 134. General Commissioners for Northern Ireland.

        3. 135. Cases stated in Northern Ireland.

  4. Part IV

    Miscellaneous and General

    1. Inheritance tax

      1. 136. Reduction of rates.

      2. 137. Gifts to political parties.

    2. Petroleum revenue tax

      1. 138. Reduced oil allowance for certain Southern Basin and onshore fields.

      2. 139. Assets generating tariff receipts: extension of allowable expenditure.

    3. Stamp duty and stamp duty reserve tax

      1. 140. Abolition of stamp duty under the heading “Unit Trust Instrument”.

      2. 141. Abolition of stamp duty on documents relating to transactions of capital companies.

      3. 142. Stamp duty: housing action trusts.

      4. 143. Stamp duty: paired shares.

      5. 144. Stamp duty reserve tax: paired shares etc.

    4. Miscellaneous

      1. 145. Building societies: change of status.

      2. 146. Post-consolidation amendments.

      3. 147. Interpretation etc.

      4. 148. Repeals.

      5. 149. Short title.

  5. Schedules:

    1. Schedule 1

      Alcoholic liquor duties.

      1. Part I

        Table of rates of duty on wine and made-wine.

      2. Part II

        Beverages of an alcoholic strength not exceeding 5.5 per cent.

    2. Schedule 2

      Vehicles excise duty.

      1. Part I

        Tables substituted in Part II of Schedule 4 to the 1971 and 1972 Acts.

      2. Part II

        Vehicles carrying or drawing exceptional loads.

    3. Schedule 3

      Married couples: minor and consequential provisions.

      1. Part I

        Amendments of the Taxes Act 1988.

      2. Part II

        Other provisions.

    4. Schedule 4

      Business expansion scheme: private rented housing.

      1. Part I

        Modifications made by section 50.

      2. Part II

        Dwelling-houses to which section 50 does not apply.

    5. Schedule 5

      Underwriters: assessment and collection of tax.

    6. Schedule 6

      Commercial woodlands.

    7. Schedule 7

      Exceptions to rule in section 66(1).

    8. Schedule 8

      Capital gains: assets held on 31st March 1982.

    9. Schedule 9

      Deferred charges on gains before 31st March 1982.

    10. Schedule 10

      Gains arising from certain settled property.

    11. Schedule 11

      Capital gains indexation: groups and associated companies.

    12. Schedule 12

      Building societies: change of status.

    13. Schedule 13

      Post-consolidation amendments.

      1. Part I

        Amendments of the Taxes Act 1988.

      2. Part II

        Amendments of other enactments.

    14. Schedule 14

      Repeals.

      1. Part I

        Customs and excise.

      2. Part II

        Vehicles excise duty.

      3. Part III

        Value added tax.

      4. Part IV

        Income and corporation tax: general.

      5. Part V

        Commercial woodlands.

      6. Part VI

        Unapproved employee share schemes.

      7. Part VII

        Capital gains: general.

      8. Part VIII

        Married couples.

      9. Part IX

        Tax appeals etc. in Northern Ireland.

      10. Part X

        Inheritance tax.

      11. Part XI

        Stamp duty.

An Act to grant certain duties, to alter other duties, and to amend the law relating to the National Debt and the Public Revenue, and to make further provision in connection with Finance.

[29th July 1988]

Most Gracious Sovereign,

WE, Your Majesty’s most dutiful and loyal subjects, the Commons of the United Kingdom in Parliament assembled, towards raising the necessary supplies to defray Your Majesty’s public expenses, and making an addition to the public revenue, have freely and voluntarily resolved to give and grant unto Your Majesty the several duties hereinafter mentioned; and do therefore most humbly beseech Your Majesty that it may be enacted, and be it enacted by the Queen’s most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—

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